Tuesday, March 26, 2013

From Detroit to Cyprus, banksters in search of prey...

From
Nicosia, Cyprus, to Detroit, Michigan, the global financial octopus is
squeezing the life out of society, stripping away public and individual
assets in a vain attempt to fend off its own, inevitable collapse. The
bankers “troika” that effectively rules Europe prepares to reach into
the individual accounts of ordinary depositors on the island nation of
Cyprus to fund the bailout of their local banking brethren. Across the
Atlantic, a corporate henchman makes arrangements to seize the assets
and abolish the political rights of a Black metropolis. The local
colorations may vary, but the crisis is the same: massed capital is
devouring its social and natural environment. Either we liquidate the
banksters, or Wall Street will liquidate us.

The
proposed seizure of a big chunk of every ordinary Cypriot depositors’
accounts, in the guise of a one-time “tax,” was shocking even by the
standards of the Euro Zone’s overlords: the International Monetary Fund,
European Central Bank and European Commission. The original diktat
to finance new lines of credit for Cyprus’s over-extended banks called
for snatching 6.75 percent of the cash of customers with balances below
100,000 euros ($129,500), and 9.9 percent above that threshold. When the
public went berserk, it was proposed that depositors with 20,000 euros
or less be spared – but Cypriot lawmakers balked. The banks are now
closed, to prevent people from withdrawing their money. But Europe’s
ruling triumvirate at the bankers’ lair in Brussels continues to demand
that the public-at-large pay to keep the global criminal financial
enterprise humming, or be starved out. “In the absence of this measure,
Cyprus would have faced scenarios that would have left deposit-holders
significantly worse off,” they said – disaster banksterism.

A
rapscallion Black lawyer for the notorious corporate law firm Jones Day
delivered the bankers’ ultimatum to Detroit. Emergency financial
manager Kevyn Orr, anointed by Michigan’s Republican governor, is a
bankruptcy specialist whose mission is to liquidate the assets of the 82
percent Black city, especially the revenue-producing Water and Sewerage
Department. Orr’s firm’s clients – which, according to their website, include “more than half of the Fortune 500 companies” – have plenty of experience at liquidating in Detroit. Butch Hollowell, general counsel for the local NAACP, says Wells Fargo
has “done more foreclosures in Detroit and the state of Michigan than
any other firm,” and is Detroit’s number one property tax scofflaw.
Jones Day also represents Bank of America, JP Morgan Chase and
CitiGroup.

“These
are firms that not only got billions in TARP bailouts, but they’re also
the same ones that defrauded people into signing these predatory leases
which cause the crash of the housing market,” said Hollowell. “Detroit
has been hit harder than anyplace in the country on that score” – hugely
aggravating the city’s money problems. Financial manager Kevyn Orr’s
job is to extract more booty from Detroit for the bankers’ vaults.

To
facilitate the theft of the city’s property, its citizens must first be
stripped of their political and civil rights, through the neutering of
their elected officials. Orr looks forward
to the project. “While I understand there’s a lot of concern and
emotion behind the concept that I’m depriving people of certain rights,”
he said, “actually it’s very consistent with both the history of this
country and specifically in this state.” What he’s about to do “is
democracy in action.”

This
corporate concept of democracy has already devalued the franchise of
the 49 percent of Michigan’s Black population that live in
municipalities and school districts under the thumb of outside financial
managers, a violation of both the Voting Rights Act and the one man-one
vote rule embodied in the 14th Amendment, says the NAACP’s Hollowell.

Black Baptist pastors and the AFSCME and UAW unions will join
the NAACP’s planned legal action against the “hostile takeover” of
Detroit – which is fine, as a civil rights response. But this is a much
bigger battle.

Detroit
and the people of Cyprus share the same enemy, a class that is beyond
the reach of simple civil rights suits. The Lords of Capital on Wall
Street and the City of London and the Federal Reserve in Washington and
in the “troika” at Brussels confront their own existential crisis, which
compels them to liquidate the public sector so that it can eventually
be transferred to their own balance sheets. There are many ways to
accomplish this, through privatization of existing public institutions,
or by simply blowing a hole in public services and allowing privateers
to fill the void, subsidized by public funds. However, nothing can save
the banksters from inevitable, and increasingly imminent, collapse.
Ever-increasing profit margins must be achieved, somehow, or the system
implodes. Hundreds of trillions of notional dollars in derivatives must
be serviced and fed by a class that makes nothing and can only survive
by chicanery and coercion by governments under their control.

In
Cyprus, they are prepared to brazenly snatch euros directly from
working and retired people’s accounts to fund a bank bailout, without
even bothering to construct a convoluted pathway from the victims’
accounts to their own. They have reached the point of outright
confiscation, and will not stop until they have stripped society of the
potential to save itself from the ruins.

We have no choice but to confiscate them – to destroy them utterly as a class.

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Connecting the dots between different events that go unreported (or under-reported), as a whole, in our mainstream media. Come learn what many do not know, but what many are waking up to. Knowledge is power.